The Benefits of Mobile Banking

Mobile banking has made it overly convenient for millennial to bank on-the-go. Potentially time-consuming tasks that would have taken up a large chunk of your day previously can now be performed in minutes. Some standout features of mobile banking are mentioned below:

  1. Managing Accounts:
    Mobile banking allows you to manage the funds in your account. Transferring funds from your account to another can be performed in a matter of minutes. You may also schedule transfers on a periodic basis from your account to another. Furthermore, you can also access your transaction history for a particular period.
  2. Viewing Account Details:
    One of the most important features of mobile banking is that you can view your bank account details with it. However, it is widely believed that you can only use a particular bank’s mobile application to view account details linked to that particular bank account. The truth is, many applications in the market provide this feature. Apps like BankBazaar, etc., facilitate you to view account details of your bank account. The BankBazaar App lets you →
    Do bank balance check on multiple bank accounts in one place
    Track all your financial transactions (income as well as expenses), no manual actions needed
    Track your monthly spends and take a control over your spending habits
    Check your credit card total outstanding amount and usage limit too
    Track and control your credit card spends
    Get timely reminders on your credit card bill payment due dates and loan EMIs
  3. Making Deposits:
    Many banks now have the option of making deposits by cheque online. All you have to do is sign on the back of the cheque, choose the account for deposit, take pictures of the front and back of the cheque. Post this, the images will then securely be sent to the bank, and upon confirmation, your transaction is complete. This saves a lot of time and effort on the user’s part.
  4. Bill Payments:
    Paying bills via net banking has now become hassle-free. You can simply add the account number of the business to which you wish to make payments and transfer money. Alternatively, some businesses also allow you to make payments through their portal. In most cases, you can quite easily make payments via net banking or credit/debit card.
  5. Security:
    Mobile banking is said to be far more secure than visiting a bank to carry on transactions. However, there are precautions you need to take in order to ensure it is secure. Ensure you use a lock for your phone, enable a secure password for your mobile banking account, and disable any banking account you may have in your phone in the event that the device is lost or stolen. This will only take you a few minutes and will ensure your banking details are secure.
  6. Environmentally Friendly:
    Mobile banking is environmentally friendly as it uses far less paper than actually going to a bank to transact. Many companies behind mobile applications have also integrated going paperless into their vision.

Precautions To Take While Using Mobile Banking →

  • Be Wary Of Personal Details – Do not store personal details such as ATM PIN, net banking login and password, etc. on your handheld device. In case of theft, anyone who has access to your phone will have access to your net banking account, and therefore, will have access to your finances. It is also important to ensure that you do not use mobile banking in a public network as these can be hacked into easily. Lastly, never send account/card details over messages to anybody. These messages can also be potentially hacked.
  • Use Reliable Apps – Many applications are fraudulent in nature. Therefore, it is important that you always use reliable applications when it comes to mobile banking. Use apps like BankBazaar, HDFC, ICICI Bank, etc. that are renowned and trustworthy for net banking. Downloading unreliable apps can cause your software to be infected by malware, compromising the data stored in your device.
  • Don’t Click On Malicious Links – Some links you see on social media, in your email, etc., should be avoided if the source is unknown. These links too can attract viruses, thereby putting your personal data stored in the device at a risk. Never click on a bank link that you have received via SMS. There is a high chance that this is a fraudulent link. Secure URLs usually begin with ‘HTTP’ and not ‘HTTP’. Although the latter is not always a means to identify a fraudulent website, it must be understood that most banks would go the extra mile to ensure that their website is secure, simply because of the nature of their business.
  • Beware Of Social Media – Hackers and scammers have now begun to use social media as their playground. Due to its large reach, it has become easy for hackers to find their mark on social media. Do not click on suspicious links as this may lead to a website that can hack into your personal data, again compromising your security with regard to mobile banking.
  • Beware Of Unsolicited Calls – There have been many instances where people have gotten a call from an unknown number posing as a bank executive. In many of these cases, the scammer was successful in extracting personal information from the individual, resulting in mounting financial losses. Yet another way these people part your hard earned money from you is by giving you a missed call. Upon calling back, you will be charged a premium on this call. More dangerous is the fact that the data from your mobile will be transferred during the course of the call, putting in jeopardy personal information. Finally, it is of utmost importance to not reveal your information to these individuals who pose as bank executives. Banks do not ask for your card details. It is also a safe practice to call your bank immediately after you’ve realized it is a fraudulent call to block your card and safeguard your account.

Although mobile banking has made life easier for all of us in the modern era of technology, it is also noteworthy that these technological advancements also have a dark counterpart that has the ability to break into these secure networks. However, it only requires a little attention on your part to ward away this risk in your life. Be smart about the websites you wish to visit, the calls you attend, and the personal details you reveal.


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